When the Montana Legislature convened in the year 1997, it met in a different world. Sept. 11 was just another date; the stock market's bubble would never burst.

But even in 1997, skeptics ridiculed a law to allow Swiss-style banking in Montana so foreign zillionaires could protect their money from taxation or other threats in their homelands. Montana, by imposing a 0.75 percent tax on all that loot, would make a killing.

Most folks weren't so hot in the prescience department back in 1997, but those who were skeptical about secret Swiss-type bank accounts in Montana were right on. The idea turned out to be a silly flop, and it's time to put the law out of its misery.

In truth, the dream of establishing a foreign capital depository was worse than a failure. Cynics who worried that such a scheme would attract a bad element turned out to be correct, as well.

One of the founders of a company under contract with the state to screen applicants for the program was convicted of money laundering in Miami. Then, the first applicants interested in running a depository -- Darryl K. Willis of Helena and Dale A. Erickson of Missoula -- were discovered to have obtained $2 million in start-up money by bilking a 100-year-old widow with fraudulent investments. They're in the state prison in Deer Lodge these days.

The Swiss-banking law has been on the books for eight years now, and it has yet to earn Montana a dime. Given the Patriot Act and other laws regarding secret stashes of money, it's doubtful such a bank could even get off the ground. Meanwhile, according to state banking regulators, the law already has cost the state about $300,000.

Rep. Larry Jent, D-Bozeman, has a bill, HB 223, to kill the law. Let the execution proceed.